I buy what I can after I pay rent, bills, groceries, pet food, and other needs :)
Discussion
Bitcoin ATMs charge ridiculous fees. Better off depositing cash to Cash App (you can do this all over the place) and buy bitcoin in the app.
I used the one in my uncles gas station a couple times to support him before he closed :,)
Downside is you lose privacy
ATMs make you KYC with your phone number. There are other ways for people who want to go that route, but most won’t.
I believe the ATMs require ID if you buy more than $500 worth also
Again, it depends on the ATM. I know some require an ID/phone number if you buy over $250, $500, or $1,000. They all set their own terms. Just gotta find a good one.
Mine has a 1k limit with 4.5% fee
There’s one near me where you can do up to 999 with no info at all, no ph#, no email nothing. But I guess it depends where you live.
Can also do multiple transactions on it.
I’ll scout a few of the ones out near me and report back.
Oh, that’s cool, the ones around me are coin, flip ATMs, they require your phone number then send you a text with a code to continue your purchase, I was casually looking at one the other day and win BTC was at 21K their ATM had the price listed at 27K so it was quite a premium
Voice to text 😅
Works so well lol
Be glad you didn’t accidentally leave your mic open like I did one time dictating a note from my car while my dog was whining and I was trying to calm him down. Siri wrote “love you” and I didn’t see it before pressing post. 🤦🏻♂️
You can get a burner or there are services that allow you to use a ph# for things like that so you don’t reveal your personal number. If you want lower fees you can use something like Robosats or Bisq. I like to think of p2p being the real price of bitcoin and KYC services offer you a discount for your personal data, ie you are the product. And you know Chainanalysis will track you forever.
most people are using bitcoin ATMs to get kyc-free sats
Not all ATMs have bad fees. Mine charges 4.5%. Worth it for the non-KYC sats.
I love cash app but gosh I wish their fees were lower tbh. They really are pretty steep. #[5]
I don’t have CashApp. What are their fees?
Depends on the spreads at time of purchase but generally >2% or thereabouts
Fees are what they are. It’s like driving extra miles to save .05 per gallon of fuel. By the time you put in the work. The “savings” is hardly worth the effort.
It doesn’t really take any extra ‘work’ to buy from a different exchange though. Kraken (for example) only takes 0.16% fees, and it takes the same amount of time/effort to buy bitcoin there instead of cashapp. On a $1000 purchase that’s an extra 70,000 sats or so (at current exchange rate). Not too bad.
Or think of it a different way: I can pay 2% on cashapp the ‘easy’ way -OR- I can do the work as you put it and buy no-KYC sats instead at a pretty similar 2-3% premium.
So basically, if you’re going to KYC anyway why not buy cheaper bitcoin? Or if you’re going to pay a premium, why buy KYC coin at all?
I now only use cashapp for free utxo consolidation and lightning withdrawal. (My current mining pool pays out daily.)
Agree.
Have to keep the shareholders happy.
The fees are ridiculous only if you have other/cheaper way to get non-KYC coins.
Do you need non-KYC coins? Depends. But probably yes, at least a portion of your hodl should not have your name/address/id photo/phone nr associated with it. And yes, keep it on separate private keys/wallet.
KYC coins could be useful too. For example if you want to buy something expensive like a house. Chances are you'll have to proove the source of your money (and pay taxes :( ).
But remember, houses like pizzas only loose value against bitcoin in the long run.